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‘Millionaire’ income tax preserved

The Iveta Radičová government has decided to preserve the so-called millionaire tax. According to the scheme, introduced under her predecessor Robert Fico in 2007, the non-taxable income of private individuals decreases when gross income rises above a certain level. Ivan Mikloš, the current finance minister had previously criticised the tax, calling it punishment for the wealthy.

The Iveta Radičová government has decided to preserve the so-called millionaire tax. According to the scheme, introduced under her predecessor Robert Fico in 2007, the non-taxable income of private individuals decreases when gross income rises above a certain level. Ivan Mikloš, the current finance minister had previously criticised the tax, calling it punishment for the wealthy.

This year the millionaire tax will apply to individuals with a monthly gross income above €1,774; those earning €3,074 and more will effectively get no tax-free allowance. Last year the millionaire tax applied to people earning €1,475 and more, according to the Pravda daily. The state collects €30 million per year via the tax, which was named after earnings in Slovakia’s pre-euro currency, the crown, one million of which were worth approximately €30,000.

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